Santander

Argentina has released price guidance for a €2.5bn triple tranche bond at levels a trader in London described as shockingly wide, while investors started to fret about how much debt the country takes on.

A euro and sterling deal from Verizon was the only corporate bond deal in the pipeline when bankers returned to their desks on Monday morning.

The European high yield bond pipeline this week brought €1bn of single-B rated offerings in euros and sterling from new issuers, giving hope to those working for a bigger borrower base for the market.

Falabella, the Chilean retail company, raised $400m of new debt in a 5.5 times subscribed deal on Monday, as bond bankers say the party in Lat Am bond markets is set to continue.

Has Europe’s corporate bond market ever been hotter than today? Perhaps, but Monday’s four investment grade deals totalling €7.4bn offered ample evidence of extraordinary demand — not least, what is believed to be the most tightly priced corporate hybrid capital issue ever, for Danone.

WM Housing followed the successful path of its fellow UK housing association, Notting Hill Housing Trust, when it announced a copycat benchmark sterling 31 year bond on Friday.

The IPO of Aedas Homes, the Spanish home builder, has been priced at €31.65, the bottom of the €31.65 to €33.15 initial range, after receiving orders from almost 100 investors.

Salini Impregilo, the Italian construction firm, printed new bonds with a coupon under 2% on Thursday, becoming only the third high yield borrower to duck under the hurdle this year.

The price range for the €680m IPO of Aedas Homes, the Spanish home builder, has been narrowed to €31.65 to €32.40, the bottom half of the initial range. The deal is covered throughout that range, according to a banker involved in the deal.

Corporate bond deals are often executed on Fridays to give issuers some space in crowded weeks. However, Friday was one the busiest days of this week, with both euro and sterling investors offered long dated deals to consider.

Brazilian steel producer Gerdau this week became the latest Latin American issuer to take advantage of hugely benign conditions to issue new debt inside where its existing curve was trading.

Empark, Vallourec and Dufry met strong demand for their new high yield bonds this week as investors opened their deep pockets.